Fitch Downgrades Turkey's Rating

Fitch Ratings has downgraded Turkey's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'BB+' from 'BBB-'. The issue ratings on Turkey's senior unsecured foreign currency bonds have also been downgraded to 'BB+' from 'BBB-'. Fitch has affirmed the Long-Term Local Currency IDR at 'BBB-' and the issue ratings on Turkey's senior unsecured long-term local-currency bonds have also been affirmed at 'BBB-'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling has been revised down to 'BBB-' from 'BBB' and the Short-Term Foreign-Currency IDR downgraded to 'B' from 'F3'. The Short-Term Local-Currency IDR has been affirmed at 'F3' and the issue ratings on Turkey's senior unsecured short-term local-currency bonds have also been affirmed at 'F3'. 

However, as i mentioned before; bond based rating is not a good signal for Turkish economy. Fiscal and other measures, supported by a pick-up in export demand, have stimulated private consumption and investment. Their impact on public finances and the quality of credit allocation should be monitored.

AC


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